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7/8/13

Greece passed another hurdle in its bailout program Monday, securing installments of the rescue package that is keeping the cash-strapped country afloat.

Greece's creditors approved the release of 6.8 billion euros ($8.7 billion) in funds over the next few months, provided the country sticks to the reform agenda it agreed to in return for the funds -- including the firing of several thousand civil servants.

Experts from the European Central Bank, the European Union and the International Monetary Fund said Monday that the country's reform program, implemented in exchange for rescue loans, is largely on track, although it's moving too slowly. They also warned that the country's economic outlook remains uncertain.

But they still recommended that the next loan payments be made, and the finance ministers from the 17 countries that use the euro agreed. Belgian Finance Minister Koen Geens said the loans would be divided into three groups and disbursed in July, August and October.

"Greece is getting on track," German Finance Minister Wolfgang Schaeuble said as he left the meeting in Brussels. "It is not easy for them."